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Our best remortgage deals 2020

Remortgage to access deals that can reduce your outgoings by £100s a month.

  • Switch to a better rate - we compare 100s of deals
  • Get FREE no obligation expert advice on the phone
  • Raise extra money for other purposes

We’ve secured a £100 Amazon.co.uk Gift Card** to give you for taking out a remortgage through Ocean.

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Looking to borrow additional cash? Select ‘Yes’ if you’re looking to borrow extra cash on top of your current mortgage

We’ve secured a £100 Amazon.co.uk Gift Card** to give you for taking out a remortgage through Ocean.

  • Switch to a better rate - we compare 100s of deals
  • Get FREE no obligation expert advice on the phone
  • Raise extra money for other purposes

What is a remortgage?

Remortgaging means switching your mortgage to a new deal, usually at the end of your current term. It can be a great way to find a lower interest rate and save money.

Reasons to remortgage:

Save money on a better rate

When your current deal finishes, you’ll automatically be put on the lender’s standard variable rate, which is usually higher than the previous rate. Remortgaging can help you get a much better interest rate.

You could now qualify for a cheaper rate

If you’ve built enough equity in your home (if your house has gone up in value or you’ve now paid off a substantial amount of your mortgage) your loan-to-value percentage will have lowered. This means you could now qualify for a lower interest rate.

Raise extra money

You can choose to raise money for many reasons, such as home improvements or to pay off debt. Combining your remortgage with raising funds for debt consolidation has enabled our customers to reduce their outgoings by an average of £626* per month.

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When to remortgage?

The best time to remortgage is when you’re reaching the end of your current deal, so you can avoid any early repayment charges.

How simple is it to remortgage?

It’s easier than you think!

Don’t worry, it’s not as much hassle as buying a property. Experts from either Ocean or our partners will be there for every step, from helping you compare deals to signing your new agreement.

Get a £100 Amazon.co.uk Gift Card**

We’ve secured a £100 Amazon.co.uk Gift Card to give you for remortgaging through Ocean or our trusted partners. We’ll send this to you once the lender has confirmed completion of the mortgage.

What does remortgaging involve?

  1. Tell us what it is you’re looking for - whether to raise funds or get a better rate - we’ll compare the options that are relevant for you.
  2. Work towards an Agreement in Principle – (also known as a Decision in Principal) this doesn’t bind you to anything, but it’s a way to see if a lender can give you what
  3. Apply for your mortgage. The final steps will include a full credit check, house valuation and arranging a solicitor to handle the mortgage transfer. These things are all taken care of by our experts, so it’s as hassle-free as possible for you.

How does remortgaging work to release equity?

Equity is the share of your home that you own. You can gain equity by either:

  • The value of your home increasing over time
  • Paying down your mortgage debt over time with a repayment mortgage

When you remortgage, you can release part of that equity as a cash sum – by remortgaging for the higher value.

What types of remortgage are there?

  1. Tracker remortgage - These are usually cheaper, to begin with, but your monthly payments could change. They could go down, but they could also go up, and it's not easy to predict when.
  2. Fixed-rate - This means your monthly repayments stay the same for an agreed period. So, if you choose a 2-year fixed remortgage, for example, you won't have to worry about your monthly payments increasing for two years.

So if you want lower monthly payments but you’re prepared for a potential increase in your payments, a tracker mortgage might be for you. If you want to know exactly how much you’re paying each month, then the security of a fixed-rate deal might be a better option.

How long does remortgaging take?

Remortgaging should take around 4 to 8 weeks in total depending on the circumstances, therefore it’s a good idea to start talking to us about two months before your renewal.

How to work out LTV when remortgaging?

LTV stands for loan-to-value. This is the ratio of what you're borrowing as a proportion of the property value.

Imagine your property is worth £200,000 and your mortgage is £150,000 (therefore your equity is £50,000). This would mean you have a loan-to-value of 75%.

When you’re mortgaging or remortgaging, lenders will look at the loan-to-value percentage (among other things) and lower LTVs will tend to attract lower interest rates.

Can I remortgage to pay off debt?

Yes, you can. You can raise money in your home to clear your existing debt through remortgaging.

* Data based on customers remortgaging with additional borrowing for consolidation purposes. Average reduction in outgoings was £626.88 per month for remortgages arranged through Ocean Finance between May 19 to April 20.

**Conditions and Restrictions apply, see amazon.co.uk/gc-legal and our T&Cs.

When does your current mortgage deal end?

Email me a reminder towards the end of my current mortgage deal. For more information on how we use your data please see our privacy policy.